The Vernon Building Society has launched a five-year fixed rate mortgage at 2.99%, with no product fee.

The mutual says the product is aimed to help those first-time buyers and second steppers who have a modest deposit or limited equity stake in their property.

The product comes in addition to the lender’s existing range of 95% mortgages and its 100% Family Assist Mortgage.

Tom Gurrie, the Vernon’s intermediary sales manager, said: “This is a competitive mortgage product that will help aspiring homeowners get onto the ladder without a huge deposit and support second steppers to move up it.

“We know that the costs mount up when buying a home so this low rate mortgage comes with no product fee to assist homebuyers when they most need it. And since we’ve scrapped our postcode restriction, brokers across the country can now benefit from Vernon’s personal and flexible approach to underwriting.”